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Cajones
Banned
Posts: 81
Registered: 9-13-2008
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| Quote: | Originally posted by CaboRon
13.61 !!!! |
Bank of Mexico sold $3 billion this morning to prop up the peso. Mexico has already spent 10% of its US dollar foreign reserves to prop up the peso in
the last 3 days.
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tripledigitken
Ultra Nomad
Posts: 4848
Registered: 9-27-2006
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THIS IS GETTING VERY UGLY
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BajaGringo
Ultra Nomad
Posts: 3922
Registered: 8-24-2006
Location: La Chorera
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Mood: Let's have a BBQ!
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If this was a regional crisis I would not be overly concerned. The fact is that it is a global crisis bordering financial chaos.
I am afraid that it is going to get much uglier Ken...
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Tiomiguel
Nomad
Posts: 108
Registered: 8-15-2006
Location: Ontario
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Cojones
Its going to be interesting to see and impossible to tell who is right on this matter but right now it makes no sense, the Canadian dollar is down
from 1.05 to 84 cents US. Our banks are not in trouble, our country does not currently have a deficit, were not spending that much on the war, our
real estate never did the huge increase and has not and is not likely to drop huge in prices. Oil is way down in price which was why our dollar
increased so much, but still we are getting killed because the US economy is so sick and we are your biggest trading partner.
Mexico is not as healthy for sure, and its fall is the same reason, their biggest trading partner is the US. If this is a flight to quality driving
up the US dollar and security, it's a very weird reaction. Basically it's the only game in town and it's hurting everybody just like when times were
good the US was helping everybody. Interesting times for sure and retiring to Mexico in the long run may be the only place some of us can afford to
retire too.
Cheers.
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Baja-Brit
Nomad
Posts: 138
Registered: 8-28-2008
Location: London, England & La Paz
Member Is Offline
Mood: Happy in Baja!
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1 GBP = 22.2447 MXN
At least the £Pound whilst falling against the Dollar, is holding it's own against the Peso. 
As you were.
[Edited on 11-10-2008 by Baja-Brit]
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bajalou
Ultra Nomad
Posts: 4459
Registered: 3-11-2004
Location: South of the broder
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Today I payed my Telnor bill for phone and DSL internet - 311 pesos. Online used debit card and was debited $23.37 for this payment. On Oct 1st it
was $27.94 for the same peso amount. Aug. 26, it was $30.76.
No Bad Days
\"Never argue with an idiot. People watching may not be able to tell the difference\"
\"The trouble with doing nothing is - how do I know when I\'m done?\"
Nomad Baja Interactive map
And in the San Felipe area - check out Valle Chico area |
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geobas
Banned
Posts: 27
Registered: 9-1-2002
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I was just thinking about our Canadian friends...
As the high season starts in Baja I was just thinking about our Canadian friends. Last year at this time $1US bought $.93Canadian. Now, one year
later, $1US is close to $1.30Canadian. So the Canadian dollar has devalued almost 40% in one year against the greenback.
Since so many things in Baja are priced off the US dollar, those Canucks are going to have sticker shock! I suspect some will find Baja is no longer a
cheap place to hide from the snow.
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tripledigitken
Ultra Nomad
Posts: 4848
Registered: 9-27-2006
Member Is Offline
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| Quote: | Originally posted by geobas
As the high season starts in Baja I was just thinking about our Canadian friends. Last year at this time $1US bought $.93Canadian. Now, one year
later, $1US is close to $1.30Canadian. So the Canadian dollar has devalued almost 40% in one year against the greenback.
Since so many things in Baja are priced off the US dollar, those Canucks are going to have sticker shock! I suspect some will find Baja is no longer a
cheap place to hide from the snow. |
Orrrrrrrrrrrrr, very good for those of us Americans that like to visit Canada!
Ken
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